Flash estimates released by the National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) on Oct 30 indicate that prices of resale private non-landed residential properties in Singapore grew 0.7% m-o-m in September. This was in line with the overall consumer prices which climbed 0.5% m-o-m in September, based on the Singapore Consumer Price Index.
The SRPI tracks and measures the price movements of a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.
The SRPI sub-index for the Central Region (excluding small units) grew by 0.8% m-o-m in September while the sub-index for the non-Central Region (excluding small units) increased by 0.6% m-o-m. The sub-index for small units increased by 1.2% m-o-m in September. The final SRPI figures for August showed a 1% m-o-m increase, up from the 0.7% growth in the flash estimate. The Central Region (excluding small units) sub-index was revised to 0.9%, marginally higher than the flash estimate of 0.8%. The non-Central Region (excluding small units) sub-index was adjusted to reflect a 1% increase, higher than the 0.7% increase indicated in the flash estimates. The figure for the sub-index for small units remained the same as the flash estimate growth of 0.3% m-o-m.
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Lee Sze Teck, senior director of data analytics at Huttons Asia, observes that the slower price growth in resale condo markets could be attributed to higher-for-longer interest rates, which are creating resistance to price increases from buyers.
IREUS’ report for the September SRPI also highlights data on buyer profiles in the resale condo market. Singaporeans accounted for, on average, about 74.6%, followed by Singapore permanent residents at about 21.4% and foreigners at about 3.7% of resale condo purchases in the last 12 months. In comparison, non-landed private residential sales fell 28% m-o-m in September.
The number of foreigner purchases in the resale market dropped significantly, with only eight units in September – a 56% decline from August. Huttons’ Lee believes the high interest rate environment and economic uncertainties will continue to exert downward pressure on the resale condo market. He predicts prices to increase by at most 8% in 2023.